Business Decision Making Project Part 1 Business Decision Making Project Part 1 Patrick Bailey QNT/275 Dr. Jerry Webb 01 NOV 2017 1 Business Decision Making Project Part 1 2 Identify the Company: Wells Fargo Home Mortgage Description of Company: Wells Fargo Home Mortgage is the Leading Mortgage Lending Company that helps you find the right loan for your home buying needs. Describe a problem at the company: Several problems exist in the Wells Fargo Home Mortgage Division that need to be addressed. One of the main complaints received by consumers is that they have consistent issues with keeping contact with the correct person as they move through the process of buying a home. Many times; this is due to internal required conference calls as well as scheduled required training. Administration translates these issues into time that the consumers are regularly calling for updates or looking to get information on the home buying process and what loan products are available to them. There are a variety of reasons that this is set up this way, however I don’t believe this is the best profitable way to handle the situation because of the following: • Customers are developing a negative mindset about Wells Fargo • Realtors are growing concerned with the process causing the client to not purchase the home. • Repeat business is growing less likely due to the negative response time perception • Loan Officers are growing more concerned about their reputation and therefore there is a revolving door created. Business Decision Making Project Part 1 3 Identification of research variable from the problem: 1. New applications come in to the Wells Fargo Database. These applications, if not checked properly, lead to delays while paperwork is being found, completed or started over. To make applications acceptable for gathering signatures from the appropriate person all of these things must have accurate preliminary scrubs done. 2. When the Wells Fargo Database is down due to internal issues can cause delays. Certain types of mortgages require specific structuring according to the Regulated guidelines and if we are not up to date and have to research manually due to the database being down also causes delays in the process. 3. Staff in the internal processing department being on time themselves to assure that the mortgages that they are assigned are set up promptly. When the team is running late, it translates into mortgages needing initial review also starting late. Describe methods used to collect suitable qualitative or quantitative data suitable to understand and help correct the problem identified: Qualitative data in this situation would be gathered to analyze and define specific instances of mortgage processes being delayed and why. The data collected will show administration, as well as the staff of the Wells Fargo Home Mortgage Division, know exactly what is causing these delays, which can lead to viable solutions on what to alter to change this trend. Quantitative data collected in this situation would be the specific amount of time that mortgage processes are delayed for each particular scenario. This data can then be transferred from time delayed to the sum of money lost by the company due to delays. Business Decision Making Project Part 1 4 Once both qualitative and quantitative data are collected, it will aid in deciding which problems should be addressed first to begin correcting customer satisfaction. This data will also allow the administration to manage profit returns that they were otherwise unable to. The method of obtaining both qualitative and quantitative for the variables: The method of collecting both the qualitative and quantitative data for Wells Fargo Home Mortgage Division the mortgage staff can be obtained with the use of a form provided by the myself to various customers that have done or attempted to do business with Wells Fargo Home Mortgage. This form will be set up with the intention of collecting both qualitative data, by documenting the reason a mortgage loan is delayed and the quantitative data by asking how long the case was postponed from the application date. At the end of each mortgage loan, this document will be collected and handed to the management team for it to be recorded in the “Additional information” notes section. The system will then tabulate the delay times along with the reasons for the delay. After this is all the data is classified, it can then be analyzed by the mortgage administrative team. Once an analysis is made by the appropriate people, a plan can be implemented to correct the reasons for delays in the mortgage process. Also upon the policies implementation more data can and should continue to be collected first to demonstrate that the plan has worked to overcome the impediments identified and second to identify any other potential reasons for delays that are within the control of the mortgage processing team. The Accuracy of the Information Collected: Business Decision Making Project Part 1 The accuracy of the data collected in this case is based on the facts collected by the mortgage team in the Wells Fargo Home Mortgage Division. Since the facts that need to be managed directly affect the staff working in the mortgage division and the customers they service then it can be assumed that they have the most to gain from an accurate collection of this data. The various Branch Managers can check mistakes that may be made due to human error. Communication with other departments will be required of the manager to assure the discrepancy is corrected and documented correctly. Conclusion: Once the problem of delayed mortgages and the concerns that come with them has been identified a plan can be but in place to collect data on the various ways these delays occur. Knowing why the problem is happening aids in coming up with the best solutions to correct the identified issues. This knowledge will save both time and money in the long run. However, it will also guarantee an increase in the overall customer satisfaction rating of the Wells Fargo Home Mortgage Division. 5 Business Decision Making Project Part 1 6 References Mann, P. S. (2016). Introductory Statistics (9th ed.). Hoboken, NJ: John Wiley & Sons Inc. OECD Glossary of Statistical Terms. (2001). Retrieved from: https://stats.oecd.org/glossary/detail.asp?ID=2219 
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